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Title: Can't GHash.IO be hiding some hashpower? Post by: sirhashalot on January 10, 2014, 01:07:54 AM They don't have to stamp each solved block with their brand, can't they be sitting on 51%+ even as we speak? How would we know?
Title: Re: Can't GHash.IO be hiding some hashpower? Post by: FortuneNVirtue on January 10, 2014, 01:28:23 AM Are you talking about this ?
'Bitcoin Miners Ditch Ghash.io Pool Over Fears of 51% Attack' http://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack/ (http://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack/) Title: Re: Can't GHash.IO be hiding some hashpower? Post by: sirhashalot on January 10, 2014, 01:36:31 AM Yes. I don't understand how Bitcoin can ever be secure if the incentives to centralized mining pools are strong enough to grow a single pool operator to a known 42% of the network hashower. If I were running Ghash.IO, I'd be hiding some of that quietly, over time, so I can own 51% or more and control the network without anyone realizing it.
Title: Re: Can't GHash.IO be hiding some hashpower? Post by: FortuneNVirtue on January 10, 2014, 01:54:49 AM Owning 51% of Hashpower is risky for the bitcoin system and could threaten every single bitcoin owner, including miners in Ghash.IO.
Title: Re: Can't GHash.IO be hiding some hashpower? Post by: sirhashalot on January 10, 2014, 02:04:40 AM I know, which is why they would want to hide their true hashpower if it ever reaches that point. So how do we know they're not already at 51%+?
Title: Re: Can't GHash.IO be hiding some hashpower? Post by: ThinkI on January 10, 2014, 02:38:14 AM Perhaps its time to move on to something that is not as vulnerable? Well it has to happen at some point doesn't it? Or can/should BitCoin go on forever?
BitCoin may have done its job by making the creation of better algorithms possible. For example Proof of stake seems to be less vulnerable. Or am I missing something? Nxt (Coin) for example, certainly think they have something better. |